TMCC Financial Literacy Guide

14 BANKING OPTIONS Some people think banks just ofer checking and savings accounts, but there are actually other types of bank accounts that fnancial institutions commonly ofer. TYPES OF BANK ACCOUNTS Savings Consumers use this type of bank account to set aside money for future use . Since the money you put into the account collects interest, your money grows over time. Savings accounts are typically the frst ofcial bank account anyone opens. Children may open an account with a parent to establish a pattern of saving. Teenagers can also open accounts to stash cash earned from a frst job or household chores and manage money while in college.